Costume jewelry industry hopes to recover next year

With the strengthening peso against the dollar this year and the overstocked supply of the 2005 fad “Bohemian look,” exporters from the costume jewelry sector faced a decline of sales this year but are still optimistic for 2008.

Cebu Fashion Accessories Manufacturers and Exporters Foundation of the Philippines, Inc. (Cebu FAME) President Janet Chua expressed optimism that next year, the industry will resurface from their losses as wood has been forecasted to be the “in” fashion for 2008.

“Next year, wood will once again be fashionable. And because our industry’s medium is primarily wood, we are very optimistic for our businesses,” said Chua.

With the strengthening of peso this year, Chua admitted that the industry has been very much affected and to compromise the situation, they adjusted their price rate and did more innovative designs to satisfy the fashion and price point- conscious market.

She said that in 2005, the industry faced a big boom especially with the popularity of the so-called “Bohemian look” which required a lot of costume jewelry to achieve. But in 2006 their sales slowed down brought about by the overstocking of products since consumers have bought in volumes during the previous year.

According to Chua the forecast that wood will be the fad for jewelry in 2008 is very much helpful for the industry since the players know greatly how to make use of the material. She added that the country’s costume jewelry sector is known for our use of indigenous materials.

She added that even with paint, our wood materials would still appear to look natural and chic which buyers from around the world admire. “Wood is our medium of material. Using materials such as coconut, fibers, and shells are our forte and we are known to create the best quality,” said Chua.

Cebu is considered to be the center for costume jewelry in the country and Chua said that our strength like furniture lies with our design advantage.

Last Friday Cebu FAME sworn into office their new set of officers and there to induct them was no less than Pearl 2’s Project Director Ed Sutherland who had supported the organizations through funding their projects.

Although a little disheartened that Pearl2 project will be ending next year, Sutherland encouraged the members to focus on improving their performance and take advantage of opportunities. He also congratulated the association for determinably facing the slight decline in the industry this year and told them to start looking for business support partners who can continue the projects that they have started.

This coming 17th until 20th of October, 28 Cebu- FAME members will be showcasing their new collections for the international exhibition of the Manila Fame Show where international buyers from around the world will participate.